Tax Accounting Considerations Applicable to the Cannabis Industry 2024

Overview:

This course will highlight tax accounting considerations such as ASC 740 application to the GAAP and tax treatment of various property, plant and equipment including measuring and recognizing timing difference impacts on the tax accrual and related footnotes. ASC 740 application of preparing or reviewing the current tax payable calculation of permanent and temporary differences by being aware of cost of goods sold and selling, general and administrative expenses will be discussed. We'll discuss asset acquisition or business combination in relation to PPA accounting, as well as differing tax positions between the audited financial statement and tax returns. Considerations around the more-likely-than-non-standard vs reasonable basis will be covered.